Projected Income Statement: Swisscom AG

Forecast Balance Sheet: Swisscom AG

Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Net Debt 1 7,706 7,374 7,071 15,597 15,633 14,595 15,131 14,612
Change - -4.31% -4.11% 120.58% 0.23% -6.64% 3.67% -3.43%
Announcement Date 2/3/22 2/8/23 2/7/24 2/13/25 2/12/26 - - -
1CHF in Million
Estimates

Cash Flow Forecast: Swisscom AG

Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
CAPEX 1 2,286 2,309 2,292 2,312 3,008 2,722 2,659 2,453
Change - 1.01% -0.74% 0.87% 30.1% -9.52% -2.29% -7.78%
Free Cash Flow (FCF) 1 1,758 1,349 1,480 1,437 1,433 1,541 1,587 1,844
Change - -23.27% 9.71% -2.91% -0.28% 7.52% 2.98% 16.2%
Announcement Date 2/3/22 2/8/23 2/7/24 2/13/25 2/12/26 - - -
1CHF in Million
Estimates

Forecast Financial Ratios: Swisscom AG

Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028

Profitability

        
EBITDA Margin (%) 40.1% 39.65% 41.74% 39.46% 43.97% 45.49% 46.31% 47.25%
EBIT Margin (%) 18.47% 18.36% 19.92% 17.68% 12.79% 14.22% 15.38% 16.42%
EBT Margin (%) 19.24% 17.67% 18.74% 16.86% 10.41% 11.91% 12.81% 14.45%
Net margin (%) 16.38% 14.42% 15.45% 13.96% 8.45% 9.91% 10.53% 11.69%
FCF margin (%) 15.72% 12.14% 13.37% 13.02% 9.52% 10.47% 10.83% 12.58%
FCF / Net Income (%) 95.96% 84.21% 86.5% 93.25% 112.75% 105.67% 102.81% 107.59%

Profitability

        
ROA 7.47% 6.48% 6.93% 4.97% 3.44% 4.3% 4.28% 4.69%
ROE 18.05% 14.58% 15.02% 12.96% 10.42% 12.03% 13.03% 14.24%

Financial Health

        
Leverage (Debt/EBITDA) 1.72x 1.67x 1.53x 3.58x 2.36x 2.18x 2.23x 2.11x
Debt / Free cash flow 4.38x 5.47x 4.78x 10.85x 10.91x 9.47x 9.54x 7.93x

Capital Intensity

        
CAPEX / Current Assets (%) 20.44% 20.78% 20.7% 20.95% 19.99% 18.49% 18.15% 16.73%
CAPEX / EBITDA (%) 50.98% 52.41% 49.59% 53.09% 45.46% 40.65% 39.19% 35.42%
CAPEX / FCF (%) 130.03% 171.16% 154.86% 160.89% 209.91% 176.64% 167.6% 133.02%

Items per share

        
Cash flow per share 1 78.07 74.82 77.78 76.77 116.1 107.2 101.4 102.7
Change - -4.15% 3.95% -1.29% 51.17% -7.6% -5.45% 1.24%
Dividend per Share 1 22 22 22 22 22 26.95 28.06 29.03
Change - 0% 0% 0% 0% 22.48% 4.12% 3.48%
Book Value Per Share 1 208.7 215.6 224.3 234.6 236.3 237.8 239.8 243.3
Change - 3.3% 4.04% 4.61% 0.69% 0.64% 0.86% 1.46%
EPS 1 35.37 30.93 33.03 29.77 24.54 26.83 29.08 31.78
Change - -12.55% 6.79% -9.87% -17.57% 9.34% 8.4% 9.29%
Nbr of stocks (in thousands) 51,802 51,802 51,802 51,802 51,802 51,802 51,802 51,802
Announcement Date 2/3/22 2/8/23 2/7/24 2/13/25 2/12/26 - - -
1CHF
Estimates
2026 *2027 *
P/E 24.3x 22.4x
PBR 2.74x 2.72x
EV / Sales 3.28x 3.34x
Yield 4.14% 4.31%

EPS & Dividend



Y-o-Y evolution of P/E

 

Year-on-year evolution of the Yield

Trader
Investor
Global
Quality
ESG MSCI
-
Sell
Consensus
Buy
Mean consensus
UNDERPERFORM
Number of Analysts
17
Last Close Price
651.50CHF
Average target price
573.70CHF
Spread / Average Target
-11.94%

Quarterly revenue - Rate of surprise

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